The Kingfish Company publishes H1 2026 interim financial statements
Positive Operational EBITDA and strengthened balance sheet confirm significant progress in H1 2026
Highlights H1 2026
• Sales volume of 1,470 tons, up 13% compared with H1 2025 • Revenue increased by 16% to €19.8 million, compared with €17.0 million in H1 2025 • Average revenue per kg increased to €13.5, from €13.1 in H1 2025 • Gross margin increased to approximately €5.0 million, or €3.4/kg, compared with €2.2 million, or €1.7/kg, in H1 2025 • Operational EBITDA turned positive at €0.3 million, compared with negative €2.5 million in H1 2025 • Strategic financial restructuring completed, significantly strengthening the balance sheet, reducing leverage and improving liquidity
Kats, Netherlands – 1 October, 2026 –The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of Yellowtail Kingfish, today publishes its unaudited Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
The interim financial statements confirm the significant operational and financial progress reported in the Company’s preliminary H1 2026 results published on 14 August 2026. The key operating figures remain substantially unchanged, with Operational EBITDA reported at €0.3 million, compared with the preliminary figure of €0.2 million.
Continued improvement in underlying operating performance The Company continued to increase utilization of its installed production capacity during the first half of 2026. Higher sales volumes and increased revenue per kg supported revenue growth. Farming costs per kg were significantly reduced, driven by higher production, improving biological performance and stable input prices. As a result, gross margin more than doubled compared with H1 2025 and Operational EBITDA was positive for the first half of the year.
The temporary reduction in the proportion of superior grade large fish began to affect the product mix during the first half is expected to continue to affect the product mix and average realized sales price during the second half of 2026, but is projected to improve towards year end. Mitigation measures have been implemented and the Company continues to closely monitor biological and quality performance.
Vincent Erenst, CEO of The Kingfish Company, commented: “Achieving positive Operational EBITDA in the first half of 2026 represents an important milestone for The Kingfish Company and reflects improvements across both operational and commercial performance. With our financial restructuring now completed, our focus is firmly on operational execution, increasing utilization of our existing capacity and progressing toward sustainable profitability and cash generation.”
Balance sheet substantially strengthened The strategic financing and capital restructuring completed in June 2026, followed by the successful Subsequent Offering in September, significantly strengthened the Company’s financial position. The transaction comprised €21 million raised through a private placement, the conversion into equity of approximately €49 million of amounts outstanding under the convertible loan agreement, and the amendment and extension of the Company’s senior debt facilities to April 2029.
As a result, total equity increased from €14.5 million at 31 December 2025 to €67.3 million at 30 June 2026, while interest-bearing borrowings decreased from €119.6 million to €77.2 million. Cash and cash equivalents amounted to €18.8 million as of 30 June 2026.
The Subsequent Offering, completed in September 2026, raised a approximately €2.4 million and concluded the financial restructuring. The proceeds from the Subsequent Offering were received after the reporting period and are therefore not reflected in the balance sheet as of 30 June 2026.
Outlook Following the operational and financial progress achieved during H1 2026 and the completion of the strategic financing, the Company remains focused on further improving operating performance, profitability and cash generation. The Company’s principal operational and commercial priorities for the remainder of 2026 and into 2027 are: • increasing production volumes through continued improvement in fish growth and utilization of installed production capacity; • restoring the proportion of superior grade large fish to normalized levels; • growing sales in line with increasing production; • continuing to prioritize large fish for the foodservice segment; and • further developing feed formulations, including initiatives aimed at reducing the use of marine ingredients.
The Company also expects feed costs to increase in the coming periods, reflecting constraints on the availability and pricing of certain feed ingredients, including fish meal and fish oil. The Company continues to work closely with its suppliers on alternative formulations and other measures intended to mitigate the potential financial and biological impact of higher input costs.
The full Interim Condensed Consolidated Financial Statements (unaudited) for the six months ended 30 June 2026 are attached to this announcement and available on the Company’s website.
For media and investor inquiries, please contact press@thekingfishcompany.com ir@thekingfishcompany.com
Company News feed https://www.the-kingfish-company.com/news
About The Kingfish Company The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture, specialising in the production of high-quality yellowtail kingfish. The Company operates its flagship facility, Kingfish Zeeland, in the Netherlands. Production is based on advanced recirculating aquaculture systems (RAS) that ensure biosecurity and environmental control. Animal welfare is paramount, and the fish are grown without antibiotics or vaccines. All operations run on 100% renewable electricity, and use seawater to conserve freshwater resources.
The Company’s main product, the Yellowtail Kingfish (also known as ricciola, hiramasa, or greater amberjack), is a versatile premium species highly valued in Italian and Asian-fusion cuisines. Its products are certified as sustainable and environmentally responsible by Best Aquaculture Practices (BAP), GLOBALG.A.P., and Friend of the Sea.
This press release includes certain non-IFRS financial measures that are not defined or recognized under IFRS. Operational EBITDA is a non-IFRS financial measure; its definition and a reconciliation to the most directly comparable IFRS measure are included in the interim financial statements.
All figures in the press release are unaudited.
More information: Access the news on Oslo Bors NewsWeb site